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Nauticus Robotics, Inc. - KITT STOCK NEWS

Welcome to our dedicated page for Nauticus Robotics news (Ticker: KITT), a resource for investors and traders seeking the latest updates and insights on Nauticus Robotics stock.

Nauticus Robotics, Inc. (NASDAQ: KITT) specializes in developing cutting-edge autonomous robots for ocean industries. The company's innovative solutions encompass a robust suite of robotic systems designed for service, sales of vehicles and components, and the licensing of related software to both commercial and defense sectors. Nauticus aims to significantly reduce operational costs, enhance data collection and analytics, and improve subsea manipulation capabilities, all while minimizing the environmental impact.

Core Business and Projects:

  • Robotics-as-a-Service (RaaS): This business model allows clients to benefit from Nauticus' advanced robotic systems without the upfront costs associated with ownership. The RaaS model supports asset maintenance, reduces operational footprint, and cuts greenhouse gas emissions.
  • Product Sales: Nauticus offers a range of autonomous vehicles and components, catering to various underwater operational needs. This includes the highly anticipated Aquanaut series, designed to operate autonomously at significant depths.
  • Software Licensing: The company's platform-independent software architecture is adaptable to various subsurface vehicles, enhancing operational efficiency by over 20% and promoting safety and environmental protection.

Recent Achievements:

  • New Leadership: In late 2023, Nauticus appointed John Gibson as CEO to steer the company towards commercialization. The new leadership team is focused on realigning the company's strategy for market success.
  • Securing Investments: In February 2024, the company secured over $12 million in investments aimed at accelerating the certification of the Aquanaut, which will transform tethered ROV operations into fully autonomous ones.
  • Strategic Acquisitions: Nauticus acquired 3D at Depth to strengthen its position in the digital evolution of subsea services, significantly enhancing their operational capabilities.
  • Operational Milestones: Successful sea trials for the Aquanaut Mk2 in the Gulf of Mexico have proven its depth capabilities (up to 1300 meters) and readiness for commercial deployment.

Financial Health: Nauticus has shown a strong financial performance with controlled G&A expenses and a clear path towards revenue generation starting from Q3 2024, driven by daily operations of their Aquanaut Mark 2 vehicle.

Partnerships and Collaborations: The company collaborates with both commercial and defense sectors, offering its technology for various applications, ensuring wide adaptability and efficiency improvements across the board.

For more information and the latest updates, shareholders can contact:

Investor Relations Contact: Ralf Esper, Gateway Group, Inc. (949) 574-3860, KITT@Gateway-grp.com

Media Contact: Zach Kadletz, Gateway Group, Inc. (949) 574-3860, KITT@Gateway-grp.com

Rhea-AI Summary

Nauticus Robotics (NASDAQ: KITT) reported Q2 2024 results, with revenue of $0.5 million, down from $1.1 million in Q2 2023. The company recorded a net loss of $5.4 million ($2.75 per share), compared to a net income of $20.7 million in Q2 2023. Key operational highlights include:

- Completion of Phase I for Brazil's largest offshore producer
- Planned maintenance and testing of Aquanaut Mark 2 (Vehicle 2)
- Ongoing upgrades for Vehicle 1
- Reduced G&A costs to $3.2 million, down $2.3 million year-over-year

The company's cash position improved to $8.1 million as of June 30, 2024, up from $0.8 million at the end of 2023, supported by additional debt financing and an at-the-market equity offering.

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Nauticus Robotics (NASDAQ: KITT) has partnered with Florida Atlantic University (FAU) to test its Aquanaut Mark 2 underwater vehicle. The collaboration allows for testing in both shallow and deep waters near FAU's facilities, resulting in an estimated 90% cost savings on vehicle development testing. This partnership enables Nauticus to efficiently test the Aquanaut system in preparation for commercial use.

The Aquanaut vehicle utilizes Nauticus' proprietary ToolKITT software, driving the industry's transition from tethered operations to augmented autonomy. Upon completion of final testing, the current Aquanaut vehicle will move to the Gulf of Mexico for commercial operations, while a second vehicle will continue development at FAU.

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Nauticus Robotics (NASDAQ: KITT) has announced its schedule for releasing second quarter financial and operating results for the period ended June 30, 2024. The company plans to release these results after market close on August 13, 2024, followed by an earnings conference call on August 14 at 10:00 am CDT. Participants can join the call by dialing 800-445-7795 (Conference ID: KITT) or accessing the webcast link provided.

Nauticus Robotics develops autonomous robots for ocean industries, focusing on reducing operational costs and gathering data for subsea infrastructure maintenance. The company's business model includes robotic services, vehicle and component sales, and software licensing for commercial and defense sectors. Nauticus is currently testing and certifying a new generation of vehicles and has developed technology products for retrofitting traditional ROV operations.

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Nauticus Robotics (NASDAQ: KITT) has announced a 1-for-36 reverse stock split of its common stock, effective July 22, 2024. This corporate action aims to increase the per-share stock price to comply with Nasdaq's minimum bid price requirements and potentially attract a broader range of investors. The split will consolidate every 36 shares into one, with fractional shares rounded up. Trading on a post-split basis is expected to begin on July 23, 2024, under the same symbol 'KITT' but with a new CUSIP number.

Shareholders' ownership percentages and the company's overall value will remain unchanged. Those holding shares electronically don't need to take action, while those with certificated shares will receive instructions from the transfer agent. This move is part of Nauticus' strategy to maintain its Nasdaq listing and potentially enhance its appeal to institutional investors.

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Nauticus Robotics (NASDAQ: KITT) has successfully completed and invoiced Phase I of its four-phase contract with Brazil's largest offshore oil & gas operator. This phase involved finalizing engineering and proof-of-concept documentation for the Aquanaut Mark 2 vehicle, detailing its advancements and capabilities for 10 core functionalities essential for offshore deepwater field inspection and light maintenance tasks.

The company is now progressing with Phase II (Technology Integration) and Phase III (Controlled Environment Testing) concurrently. Phase IV (Field Qualification Test) will be performed in Brazil. Nauticus' ToolKITT software, a platform-independent solution, is being leveraged to shift the industry from traditional tethered operations to augmented autonomy.

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Nauticus Robotics announced its Q1 2024 financial results, highlighting the deployment of Aquanaut Mark 2 in the Gulf of Mexico and the initiation of final assembly for Vehicle 1. The company reported a revenue of $0.5 million, down from $2.8 million in Q1 2023. Total expenses decreased to $6.0 million, a significant drop from the prior-year period. Net income was $0.4 million, a notable improvement from a $14.1 million net loss in Q1 2023. Adjusted net loss was $7.4 million. The company secured $13.3 million in additional financing, boosting its cash reserves to $6.2 million. Nauticus aims to generate daily revenue from Aquanaut Mark 2 starting Q3 2024 and plans to deploy Vehicle 1 and Vehicle 2 by Q4 2024. Day rates for services are expected to range between $25,000 and $70,000. Nauticus is also focusing on software platform commercialization under new executive Jason Close.

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Nauticus Robotics, Inc. (NASDAQ: KITT) announced the timing for releasing its first quarter financial results on May 13, 2024, followed by an earnings conference call on May 14. The company develops autonomous robots for ocean industries, focusing on reducing operational costs and improving data collection and maintenance of subsea infrastructure.

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Nauticus Robotics, Inc. (KITT) announced positive preliminary testing results for its Aquanaut Mk2 vehicle and financial results for Q4 2023. The company reorganized its operations, conducted successful sea trials, and reported revenue of $6.6 million for the full year 2023. However, Nauticus recorded a net loss of $50.7 million for 2023, with operating expenses increasing significantly.
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Nauticus Robotics, Inc. (NASDAQ: KITT) announced the schedule for releasing its fourth quarter and year end financial results for 2023. The results will be disclosed on April 9, 2024, with an earnings conference call scheduled for April 10, 2024.
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Nauticus Robotics (NASDAQ: KITT) has secured over $12M net in a second tranche of investment to expedite certification of its flagship robot, Aquanaut. The investment will help in transforming tethered ROV operations to fully autonomous operations and is expected to be used for inspecting a deep-water production facility in the Gulf of Mexico. The company has also announced a change in leadership and is working on minimizing G&A costs while evaluating strategic options to maximize shareholder value and the acquisition of 3D At Depth.
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FAQ

What is the current stock price of Nauticus Robotics (KITT)?

The current stock price of Nauticus Robotics (KITT) is $0.91 as of December 20, 2024.

What is the market cap of Nauticus Robotics (KITT)?

The market cap of Nauticus Robotics (KITT) is approximately 5.6M.

What does Nauticus Robotics, Inc. specialize in?

Nauticus Robotics, Inc. specializes in developing autonomous robots for ocean industries, offering solutions that include Robotics-as-a-Service, product sales, and software licensing.

What is the business model of Nauticus Robotics?

Nauticus follows a Robotics-as-a-Service (RaaS) model, complemented by direct product sales and the licensing of related software to both commercial and defense sectors.

What recent achievements has Nauticus Robotics made?

Nauticus recently secured over $12M in investments, acquired 3D at Depth, and successfully conducted sea trials for the Aquanaut Mk2 in the Gulf of Mexico.

What are the core products of Nauticus Robotics?

Core products include autonomous vehicles like the Aquanaut series, components for subsea operations, and platform-independent software for various underwater vehicles.

How does Nauticus Robotics contribute to environmental sustainability?

Nauticus Robotics helps reduce operational footprints and greenhouse gas emissions through their advanced robotic systems and efficient subsea manipulation capabilities.

Who are the target customers of Nauticus Robotics?

Nauticus Robotics targets both commercial and government-facing customers, providing solutions for asset maintenance, data collection, and operational efficiency.

What is the significance of the Aquanaut Mk2?

The Aquanaut Mk2 represents a milestone in autonomous subsea operations, capable of operating at depths of up to 1300 meters and generating daily revenue starting Q3 2024.

Who are the key leaders at Nauticus Robotics?

The key leaders include CEO John Gibson, who joined in late 2023, along with an experienced executive team focused on driving the company towards commercial success.

What are the strategic goals of Nauticus Robotics?

Nauticus aims to commercialize its advanced robotic systems, reduce operational costs, and enhance safety and environmental sustainability in subsea operations.

How can investors get the latest updates on Nauticus Robotics?

Investors can contact Ralf Esper at Gateway Group, Inc. via KITT@Gateway-grp.com for the latest updates on Nauticus Robotics.

Nauticus Robotics, Inc.

Nasdaq:KITT

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5.64M
5.85M
15.38%
3.4%
4.01%
Aerospace & Defense
General Industrial Machinery & Equipment, Nec
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United States of America
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